Event: Exit Strategies and Looking to the Future

We held our October event last night in TateHindle’s beautiful and unique headquarters in Smithfield Market. We’d like to say a big thank you to our host for a lovely event in such an inspiring setting and to all our guests.

Topic: Exiting a business.

Our hotseater was concerned with his planned departure from a business he established with a partner over twenty years ago. How should he manage that process? How can I be sure of leaving a business that will continue to thrive? The challenge for the exiting partners was to ensure an effective handover with the right people in place to take the business forward.

The discussion was wide ranging and passionate, covering everything from giving your people space to grow into larger roles, to how to delegate and manage working relationships so that your business continues to succeed after your departure.

Key insights included:

• People may learn better when you give them space to make mistakes – provide them with clear targets and guidance, rather than instruction.
• The ‘parent/child’ relationship needs to change. At the moment, the company is your baby. The aim should be to nurture ambition in those who are taking over so that you make it their baby.
• Create clear functional roles on the Executive Team so that they take responsibility for the future. And do it now!
• Identify the void you will leave and fill it before you go.

If you want to take part in a similar discussion or have an issue you would like to talk about, please join us at a future event or volunteer to be in the hotseat yourself. Please leave a comment below if you have any insights into this month’s topic!

Next Topic!

Join us at our next event, at Indigo Blue on 9th November, or sign up to our mailing list for more information. Our topic on 9th November will be 'Having established demand and support for our product what else should we do to ensure commercial viability?"

Our final event of the year will be at Devereux Chambers on 14th December. If you can’t make either of those dates our schedule for 2017 is already up on the website so take a look.